“First Time Home Buyer Loans–Kentucky”

$10,000 HHF DAP Available
Kentucky Housing Corporation (KHC) is proud to announce a new round of Hardest Hit Fund (HHF) Down payment Assistance Program (DAP), a total of $5 million will be available for new reservations beginning today, Tuesday, January 9, 2018, at 10 am, ET. The HHF DAP will be available on a first-come, first served basis, based on the completion of the first mortgage and HHF DAP Reservations. All program guides have been updated to reflect the availability of the HHF DAP.

HHF DAP Program Guidelines:
$10,000, zero-percent interest, forgivable second mortgage loan with a five-year term.
Property must be located in one of the four counties:
Christian
Hardin
Jefferson
Kenton
No New-Construction properties allowed.
Property has to have been previously occupied.
Secondary Market Purchase Price and Income Limits apply.
Borrower must be a first-time home buyer (no ownership interest in the last three years).
Most recent three-year federal tax returns or tax transcripts required.
Pre-purchase homebuyer education required for all borrowers.
Dodd-Frank Certification must be completed.
Terms & Conditions form (prints with the HUD-1, Note and Mortgage)
This form highlights a few of the program requirements, such as occupancy/ownership status and forgiveness period.

To successfully originate KHC mortgages you should begin with prequalified applicants and
properties meeting FHA, VA, RHS, or Fannie Mae Conventional guidelines. The applicant (s)
must be purchasing or refinancing a single family, one unit, and owner-occupied property,
located in Kentucky. Then follow the steps below….
1. The purchase price or refinance amount is at or below:
 $282,000 with Secondary Market
 $253,800 with KHC’s Homebuyer Tax Credit (purchase only)
2. The applicant (s) meet KHC’s simple credit overlays:
 660 credit score for Conventional
 620 credit score for FHA, VA, and RHS
 Max ratio caps for government loans of 40/45%
 Max ratio caps for conventional loans of 40/50%
 AUS Approval required except on RHS

First Step To Improve Your Credit Scores
start

Many people don’t know where to start when it comes to improving your credit scores. Some consider paying off collections, paying off credit cards, or even applying for new credit.

Here are some useful tips on where you should focus your efforts when it comes to improving your credit scores:

If you are “past due” on any account, get caught up. A past due balance reported to your credit can significantly lower your credit scores.
Pay down your credit card balances. Credit card balances can drive your scores up or down depending on the balance percentage of the limit. Pay your balances down below 30% of the credit limit to improve your scores.***Tip- most banks report your credit card balance to the credit bureaus at the time of your statement. So pay down just before your statement date for quick reporting, and quick score increase.
Settle your collection accounts. Collection accounts impact your scores as a unit, not a dollar amount. So your $50 collection can hurt your scores just as much as a $5000 collection. It’s based upon when the account was open and last reported. So the newer the collection, the more of an impact to your scores…pay those first.
Opening new credit. If you have no, or very little open credit it’s important to have multiple account types open and in good standing on your report. Credit diversity is rewarded by a higher credit score. A credit report that has 2 open credit cards and 1 installment account (auto loan, signature loan, etc..) has a higher credit score than a credit report that has 3 open credit cards (revolving accounts). The ability to manage different account types reflects a higher credit rating.

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Joel Lobb
Senior Loan Officer
(NMLS#57916)

American Mortgage Solutions, Inc.
10602 Timberwood Circle, Suite 3
Louisville, KY 40223

phone: (502) 905-3708
Fax: (502) 327-9119
kentuckyloan@gmail.com

http://www.mylouisvillekentuckymortgage.com/